Wall Street Underwhelms as Earnings Take Center-Stage

Michael Teague |

Wall Street was lower by Wednesday’s closing bell, as recent worries about D.C. politics and Treasury spending gave way to earnings results from the recently-ended third quarter.

After yet another run of four consecutive record closes, The Standard & Poor’s 500 Index cooled off by 0.47 percent to 1,746.38, while the Dow Jones Industrial Average was 0.35 percent lower to 15,413.33, with the NASDAQ taking the biggest hit, a loss of 0.57 percent, closing at 3,907.07.

The only real success to speak of on the Dow was aerospace/defense titan Boeing (BA) , whose shares were up over 5 percent after the company reported a substantial jump in quarterly profits and raised guidance for the fourth quarter. Construction machinery producer Caterpillar Inc. (CAT) , offered up the diametrically opposite performance, however, after shares were over 6 percent off after coming up short of earnings expectations and slashing forecasts.



The S&P 500 meanwhile was pulled under by the number-six oil & gas services company FMC Technologies (FTI) , whose shares were off almost 9 percent by the close as the company missed on top and bottom  lines, despite its earnings statement showing significant year-over-year growth. The highest-volume losses were reserved for tech stocks, particularly those of semiconductor manufacturers such as Micron Technology (MU) , Broadcom Corp. (BRCM) , and Intel (INTC) . One of the few bright spots on the index was electronics firm Corning (GLW) , who ended the day 14 percent higher after releasing a strong Q3 earnings statement and announcing a joint venture with Samsung Electronics to produce LCD glass.

The NASDAQ saw the $2.17 billion REIT American Realty Capital Properties (ARCP) take the most heavily traded loss of the day, 2 percent, after announcing a merger with Cole Real Estate Investments (COLE) . The latter ended the day nearly 9 percent higher.

Semiconductors were also a big drag, however, with Cree Inc. (CREE) , Applied Materials (AMAT) , and Altera Corp. (ALTR) all ending the day on heavy losses. Diversified toy-manufacturer JAKKS Pacific, however, gained over 25 percent by the end of trading after cost-cutting measures saw the company’s Q3 earnings and revenue firmly ahead of estimates. Shares for drug manufacturer Amgen Inc. (AMGN) pared back about 0.50 percent of the previous day’s gains

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Companies

Symbol Name Price Change % Volume
GLW Corning Incorporated 31.85 0.05 0.16 1,968,941 Trade
INTC Intel Corporation 44.75 0.10 0.22 6,465,815 Trade
AMAT Applied Materials Inc. 57.91 0.23 0.40 3,703,283 Trade
AMGN Amgen Inc. 170.12 0.16 0.09 999,771 Trade
ALTR Altera Corp. 24.90 0.96 4.01 76,227 Trade
BA Boeing Company (The) 265.88 0.73 0.28 788,957 Trade
BRCM Broadcom Corp. n/a n/a n/a 0 Trade
MU Micron Technology Inc. 49.68 0.54 1.10 14,203,317 Trade
CAT Caterpillar Inc. 137.39 -0.62 -0.45 944,517 Trade
CREE Cree Inc. 36.77 0.16 0.44 336,680 Trade
FTI FMC Technologies Inc. 26.92 -0.14 -0.52 1,771,702 Trade
AGXLY Agenix Ltd S/Adr n/a n/a n/a 0

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